On October 18th, Altor Fund IV (“Altor”) has signed an agreement to acquire a significant minority ownership in the fast growing Swedish consumer brand, RevolutionRace, from the founders Pernilla and Niclas Nyrensten. The founders will remain as majority owners of the company and continue in their operational roles as CEO and Head of Product.
RevolutionRace sells outdoor apparel products through a direct to consumer model, with an innovative design, high quality & functionality at an affordable price point. The company was founded in 2013 and has grown at an impressive speed to a turnover of approximately SEK 120m for the fiscal year that ended in June 2017.
“When we started searching for a partner, we wanted someone that could complement us and contribute with relevant experience” says Pernilla and Niclas Nyrensten, founders of RevolutionRace. “Altor had two key attributes that appealed to us; they have relevant knowledge of the outdoor industry from Helly Hansen and Rossignol and they have put together a dream team that we believe will support us reaching our goal of making RevolutionRace the leading brand in the outdoor industry. We are super excited to make this journey together with Altor.”
“We are highly impressed with the growth, successful digital strategy and direct-to-consumer business model of the company. The outdoor apparel market is attractive and RevolutionRace is targeting an underserved segment through the affordable high quality product offering”, says Johan Blomquist, partner at Altor. “Furthermore, we actively look for partnerships with outstanding founders, which is something we have found in Pernilla and Niclas.”
The transaction is subject to customary regulatory requirements and approvals.
For more information, please contact:
Niclas Nyrensten, Co-founder of RevolutionRace, Tel: +46 10 155 63 30
Johan Blomquist, Partner at Altor, Tel: +46 8 678 91 00
Since inception, the family of Altor funds has raised some EUR 5.8 billion in total commitments. The funds have invested in excess of EUR 3.8 billion in more than 40 companies. The investments have been made in medium sized Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Helly Hansen, Carnegie Investment Bank, Dustin, Rossignol and SATS ELIXIA. For more information visit www.altor.com